Observe the photo, and if you think worth it, then read the post given below.
I am teaching Economics for the last 16 years. From the definition of Economics, theories written by the classical (approx. 18th century), Neo classical (19th and 1st half of 20th century), & modern economists (20th century till date), to the Practical implementation, we have been discussing every year with our students & some time with the person come to me for any related advice. It is a great subject to understand the basic practical knowledge about the behaviour of economical behaviour of an individual OR people OR Market. How value of money decreasing day by day? How it is related to the interest rate in the market? How is the interest rate related to the Repo rate set by RBI? How monetary policies of RBI impact inflation and Deflation? How do people panicking make changes in trade cycles? & Many more, we learn from economics. Whatever questions I had mentioned this is just a small part of economics.
Today, when I saw the title, I just want to correlate one of the popular definitions & explaination of Modern Economists Robins Lionel. His definition based on the concept of scarcity of resources (means) is given below.
“Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
According to him, a human being is a bundle of wants. As one want satisfied, the other took birth. Emerging new want was/is/will be a never-ending process. The resources available for the same are scarce. An individual can not satisfy all want at a time OR in sequence. So, he/she can never be fully satisfied. But an individual can maximize his/her satisfaction level if they try to arrange the wants as per urgency OR priority. For arranging the sequence, they follow the steps given below.
- Take a pen and Two sheets of paper.
- On 1st paper write down all the wants you want to fulfill.
- Then give 1 number to the most urgent OR High priority want, then on the basis of urgency or priority numbered the remaining wants.
- Take 2nd sheet to write down all wants in a determined sequence.
- Start satisfying wants in sequence.
- This will not give you full satisfaction but they get more satisfaction than unsequenced ones.
- Note: – Human being never satisfied all their wants in their life span. But he can maximize his satisfaction by bringing orderliness to fulfillment.
At last, want to conclude that……….
We all have a very long list of wants some of them can not be satisfied OR some can be satisfied but are not important OR very few are really important and must be satisfied. So it is compulsory to plan accordingly every day/week/month/year. Unplanned life journeys bring fear, less satisfaction, doubts, low confidence & depression even after heavy true hard work.
Start planning today and maintain consistency in plan & implementation.
Thank you.
Please Comment with your views.
“Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
According to him, a human being is a bundle of wants. As one want satisfied, the other took birth. Emerging new want was/is/will be a never-ending process. The resources available for the same are scarce. An individual can not satisfy all want at a time OR in sequence. So, he/she can never be fully satisfied. But an individual can maximize his/her satisfaction level if they try to arrange the wants as per urgency OR priority. For arranging the sequence, they follow the steps given below.
- Take a pen and Two sheets of paper.
- On 1st paper write down all the wants you want to fulfill.
- Then give 1 number to the most urgent OR High priority want, then on the basis of urgency or priority numbered the remaining wants.
- Take 2nd sheet to write down all wants in a determined sequence.
- Start satisfying wants in sequence.
- This will not give you full satisfaction but they get more satisfaction than unsequenced ones.
- Note: – Human being never satisfied all their wants in their life span. But he can maximize his satisfaction by bringing orderliness to fulfillment.
At last, want to conclude that……….
We all have a very long list of wants some of them can not be satisfied OR some can be satisfied but are not important OR very few are really important and must be satisfied. So it is compulsory to plan accordingly every day/week/month/year. Unplanned life journeys bring fear, less satisfaction, doubts, low confidence & depression even after heavy true hard work.
Start planning today and maintain consistency in plan & implementation.
Thank you.
Please Comment with your views.